Merion Realty Partners, on behalf of a joint venture with Merion Multifamily Fund and Legacy Capital, acquired Riverside Parc, a 400 unit apartment community located in Birmingham, Alabama. The property is located 1 mile from the newly completed Grandview Medical Center which is expected to bring over 4,000 jobs to the immediate submarket. Riverside Parc is one of the few remaining communities within the Grandview / I-280 corridor that has not undergone any significant renovations in recent years. The property will undergo a significant renovation and transformative value-add improvement program that will position it to compete with communities that command average rental rates between $200 and $300 higher than Riverside’s current asking rent. Once these improvements are made, Merion believes the all-in basis will be below the values of recent sales of assets that have undergone similar renovations.
Merion Acquires Black Bear Apartments
Merion Realty Partners acquired Spark Black Bear apartment which is a 250-unit Class-A, multifamily community constructed in 2019 and located in Morgantown, West Virginia. The Property is situated within the University Town Centre which is Morgantown’s premier...
